Changjiang Securities·2025-07-02 12:44Investment Rating - The report maintains a "Positive" investment rating for the industry [2]. Core Insights - The power system is a crucial component of the Tokamak fusion device, accounting for approximately 15% of the total value, with the power system comprising various elements such as magnetic power, auxiliary heating power, and energy storage systems [14][16][22]. - The report highlights the high barriers to entry in the nuclear fusion power sector, with several companies making significant progress in this field [6]. - The power supply for Tokamak devices is characterized by high power, pulsed operation, and large energy storage capacity, which poses challenges for grid stability and requires advanced energy storage solutions [17][22][90]. Summary by Sections 1. Power System as the Energy Source - The power system provides energy for critical devices like microwave heating and neutral particle injection, essential for maintaining the high-temperature plasma state required for fusion [16]. - The power system's cost breakdown shows it accounts for about 8% of the ITER device's total cost, with heating and current drive systems contributing an additional 7% [16]. 2. Magnetic Power Supply - The magnetic power supply is vital for maintaining plasma shape and stability, utilizing superconducting materials to minimize energy loss and enable high current flow [41][43]. - The report details the specifications of the magnetic power supply, including its capacity and operational parameters, emphasizing its complexity and importance in achieving successful magnetic confinement fusion [43]. 3. Auxiliary Heating Power Supply - Auxiliary heating methods are necessary to reach the temperatures required for fusion, with techniques such as Neutral Beam Injection Heating (NBIH) and Ion Cyclotron Resonance Heating (ICRH) being highlighted [51][61]. - The report outlines the components and operational principles of the auxiliary heating systems, emphasizing the need for high-voltage power supplies to support these systems [72][87]. 4. Energy Storage Systems - Energy storage technologies are identified as critical for addressing power surges in the fusion power system, with various storage methods evaluated for their effectiveness [90][92]. - The report discusses the characteristics of different energy storage technologies, including their capacity, discharge duration, and response performance, highlighting the need for a hybrid approach to meet the unique demands of fusion energy [96][98].